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COR2343

To Book Or Not To Book: A Deeper Look At The Variable Consideration Rules For Change Orders And Claims

Date
December 6, 2023
$4900
Standard Price
This product is also available as part of the following products:
Thumbnail for 2023 AICPA & CIMA Construction & Real Estate Conference
This includes sessions from the conference: 2023 AICPA & CIMA Construction & Real Estate Conference

This session will discuss the accounting for claims and unapproved change orders in construction contracts, including a discussion of the guidance in ASC 606: Revenue from Contracts with Customers, as well as the AICPA Engineering & Construction Contractors Revenue Recognition Task Force Chapter 11.3 Variable Consideration and Constraining Estimates of Variable Consideration. The session will also discuss the types of procedures auditors should perform to audit these subjective estimates.

Learning Objectives

  • Recognize the requirements for companies to record revenue associated with unapproved change orders and claims
  • Use suggested audit steps to validate that the company has complied with the rules

Speaker

Speaker Image for Erin Roberts
Partner, Global Engineering Construction Leader, EY

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